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Is Policy to Blame for Big Banks Not Adopting New Technology?

A small team from ChartIQ recently attended the Symphony Software Foundation (SSF) Annual Members Meeting. With us, there were around fifty technology savvy innovators belonging to everything ranging from small fintech startups to large global investment banks.

With Gab Columbro at the helm, presenters discussed the importance of collaboration with one another, not just for the greater good, but for the sake of immediate self interest. Fintech is rapidly evolving and it is important that large global investment banks plan to transition from legacy stacks to a more modern technology architecture, whether that is by leveraging the power of open-source internally or by partnering with smaller, more nimble technology providers.

While adapting to new technology is a hurdle, a bigger one might be that large institutions are challenged by their own corporate policies. The bulk of the working group discussions centered around ways in which key players at banks might help create internal policies to allow for safe, speedier adoption of modern technology into the stack. Each member expressed various internal policies that helped and hindered the open-source software development lifecycle and open-source adoption as it pertains to enterprise.

The difficulty is that open source, the presumed solution to legacy fragmentation, has a tendency to fragment. Ask three Javascript developers for the correct answer to a problem, and you will end up with Angular, React, and Vue.

Ultimately, we feel that the question is if governing policies dictate the innovator’s ability to select the right tool for the right job, be it in-house or third-party built, closed or open source.

Download the Bridge to HTML5guide to see how ChartIQ is using HTML5 technology to help financial organizations adapt.